Trending News 17 June

ING cuts savings rates by 0.25%

ING is the fifth largest deposit taking institution in
Australia, after the big four banks. ING holds $34.9 billion of deposits on
behalf of Aussie households, according to the latest Monthly Banking Statistics
released by APRA.

ING’s most popular savings account, the Savings Maximiser’s
headline maximum rate will fall from 2.80 per cent pa to 2.55 per cent pa from
Monday 17 June. The base rate will be cut from 1.0 per cent to 0.75 per cent.

Commonwealth Bank cut rates on its savings accounts by up to
0.31 percentage points last week. National Australia Bank has cut at-call
savings account interest rates by up to 0.25 percentage points.

Vadim Taube, chief executive of leading Australian financial
comparison site InfoChoice said:

“These rates are now only fractionally above the inflation
rate of 1.3 per cent and the base rates are all well under the inflation rate.

“I urge all savers to check their savings account and
compare it with the rest of the accounts in the market.”

“There’s no need to put up with a savings account that pays
a pittance.”

Cops
and carers get cheap land in Melbourne

Police
officers, firefighters, nurses, teachers and care workers can get discounts on
land in Melbourne’s new housing estates.

Developer
Villawood Properties has cut $20,000 from the price of housing lots for ‘care
workers’ and police.

79
per cent of careworkers didn’t believe they could own their own home,” said
Villawood boss Rory Costelloe.

The
Victorian Premier said the initiative is “about
taking care of the people who take care of us.”

“Fast and Loose” home lenders
push up prices

Bank lending standards limit
home buyers to loans that are less or equal to 6.8 times their annual income,
but two investment experts have claimed their ‘undercover’ research has exposed
‘fast and loose’ lending standards and offers of loans that were up to 10 times
their claimed income.

Bronte Capital’s John Hempton and investment expert
Jonathan Tepper posed as a couple looking for a property in Sydney and spoke to
many banks, brokers, real estate agents and other property professionals.

“We kept hearing again and again and again, ‘I know a bloke who can get
things done’,” Mr Hempton told News Ltd newspapers.

Westpac RAISES credit card
interest rates

Westpac and its subsidiary
banks, St George, Bank of Melbourne and BankSA have raised their credit card
interest rates by 0.25 percentage points.

Gemma urged disappointed credit
card customers to shop around if they wanted to get a lower credit card rate.

“There are well over 200
credit card products out there,” said Acton, “The lowest rates out there
are now less than 7.5 per cent.”

Gemma said there are now more
low-rate credit cards in the market than ever before.

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Trending News 4 June June 4, 2019 Banks have a ‘responsibility” to pass on rate cuts Treasurer Josh Frydenberg told a conference recently that banks and other lenders “have an economic and social responsibility to ensure the free flow of credit.” Mr Frydenberg urged lenders to pass on RBA rate cuts to their borrowers. “Interest rate changes…

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Trending News 13 June June 13, 2019 Savers need to take action NOW Online savings account rates offered by the big four banks are now all set at 0.5 per cent p.a. The current Australian inflation rate is 1.3 per cent p.a. meaning that savers with their cash in a big four online savings account are losing…

Trending News 18 June June 18, 2019 NAB loan customers can join class action for compo Law firm Slater & Gordon is running a class legal action claiming that National Australia Bank engaged in unconscionable conduct in selling credit card insurance policies to customers, including unemployed people, who were unlikely to be ever eligible to make a…

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